Economy

China will open wider to foreign business

(Agencies)
Updated: 2010-07-26 14:15

Worries that China is throwing up obstacles to foreign business are misplaced, Commerce Minister Chen Deming said in an article published on Monday.

"In fact, China will open wider in the future," Chen wrote in an opinion piece in the Financial Times.

European and US business groups have complained in particular about the unpredictability of Chinese regulation, favoritism toward local rivals in areas such as government procurement and poor protection of intellectual property rights.

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The visiting chief executives of German multinationals BASF and Siemens went public with some of their concerns at a recent meeting with Premier Wen Jiabao.

Chen welcomed the advanced technology and business know-how that a wave of foreign direct investment has brought to China, noting that since April foreign firms seeking accreditation for "innovation products" have benefited from the same rules of origin as domestic companies.

"Coming out of crisis, China must now work to upgrade its own industries in areas such as high-end manufacturing and environmental goods and services. To do this, China wants to make better use of the knowledge and expertise of multinationals," Chen said.

German carmaker Daimler AG's establishment of a joint venture in China to develop next-generation electric vehicles was one example of how foreign investment could help.

"The world economy is at a crucial stage of restructuring. As China works with others to push the global recovery, tremendous opportunities will open up for foreign companies. China remains open for business, and the rest of the world can benefit," he said.